s.4Powers and duties of the Board
4
Section 4Part 2 — Role of the Public Service Pensions Board

Powers and duties of the Board

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The Board shall be responsible for —
the administration of the Fund including —
receiving into the Fund all sums due to it;
calculation and payment from the Fund of pensions due under this Law;
payments from the Fund necessary for the administration of the Fund;
investment of the Fund in accordance with this Law;
accounting for all moneys collected, paid or invested under this Law;
causing a periodic actuarial review of the Fund pursuant to section 10; and
the sale of investments as necessary to meet immediate liabilities and needs, and for reinvestment;
liaising with the Financial Secretary regarding collection of data;
liaising with the Financial Secretary regarding contribution payments;
accounting and reporting in respect of the Plan, as provided in section 9;
record keeping, as provided in section 9;
recommending for approval, amendments to the Plan, as provided in section 19;
adopting and maintaining a schedule of benefits payable pursuant to this Law with respect to participants who resigned, retired or died prior to the date of commencement of this Law; and
administering a defined contribution plan in accordance with this Law and regulations made hereunder.
Without prejudice to the generality of subsection (1), in accordance with section 10, the Board shall be responsible for recommending to the Governor contribution rates payable under the Plan from time to time.
In the performance of its duties under this Law the Board may take such professional advice as it considers appropriate and pay for such advice out of the Fund.
No member or employee of the Board shall be personally liable for any act or default of the Board done or omitted to be done in good faith in the course of the operations of the Board.

Cross References

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